HOTEL 1929 has been sold for S$35 million (US$27.5 million) but will continue to be operated by the same entity, controlled by Loh Lik Peng, under a leaseback agreement.
According to The Business Times, a company owned by Cheong Keng Hooi acquired the hotel on Keong Saik Road in a deal brokered by Historical Land.
Loh, founder of Unlisted Collection to which Hotel 1929 belongs, will continue running the property and its restaurant, Ember.
In an interview with the broadsheet, Loh said there were no intentions to sell the four-storey freehold property, but the “attractive offer” and “optimal timing” sealed the deal.
Unlisted Collection owns three boutique hotels in London and a hotel in Shanghai, as well as restaurants in both cities and Singapore.
It was also reported that the group plans to open a hotel in Sydney within the next two years.